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August 2008
By Jim Colson, COO & President of Site Selection Angelou Economics
The large number of competitive agencies and the practical challenges associated with
the business attraction process itself combine to create a very challenging environment
for success. However, economic development agencies that achieve continuing and
demonstrable success in the business recruiting arena often share certain attributes.
Through Angelou Economics' experience in developing programs for more than 130
communities worldwide, the firm has identified varying attributes of communities with
successful business recruitment programs. Over the last decade, AE has observed
multiple shared attributes of truly successful communities:
All business attraction projects are seeking to satisfy a number of location criteria
requirements. Depending on the industry and the company, these criteria are prioritized
and weighted differently, but generally there are thirteen site selection factors: labor, real
estate, utilities, transportation, supply chain impacts, educational system, operating
costs, governmental taxation and regulatory issues, environmental considerations,
business interruption risks, political stability, quality of life and incentives. The successful
business developer understands each of the factors and knows how they impact--
positively or negatively--each of the targeted industries.
The successful delivery model is in a format that is acceptable and effective within the
particular industry. It bypasses the “noise pollution” that exists and is able to get in front
of the appropriate decision maker. This often reflects an understanding of both the
industry and the decision making process.
Consistently applied discipline in the follow-up phase is the largest single differentiator
between successful and unsuccessful business development professionals. A well-
reasoned and executed follow-up program will uncover opportunities and create
conversations that will not otherwise occur. It is a highly competitive environment and
success demands that opportunities are fully vetted. The challenge is to know the
difference between being persistent and being a pest.
To the everyday practitioner, these guidelines ultimately go back to the very first
ingredient: a shared vision. Newly founded, and even the most historic economic
development organizations can take away from this article the requirement to look
inward and follow through for the benefit of the community. While the other elements for
success may take time and money to put into place, with commitment, first and
foremost, every community can stand out from the 13,000-member pack.